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Iraq raises Dec Basra Light crude prices to Asia, Europe
November 13, 2017 / 3:07 AM / 5 days ago

Iraq raises Dec Basra Light crude prices to Asia, Europe

SINGAPORE (Reuters) - Iraq has raised the December official selling prices (OSPs) for its crude oil sales to Asia and Europe, but trimmed the Basra Light crude price for the United States after demand slowed.

The December Basra Light OSP to the North and South American markets was set at the Argus Sour Crude Index (ASCI) plus 20 cents a barrel, down 15 cents from the previous month, the State Oil Marketing Organization (SOMO) said on Sunday.

Basra crude loadings for the United States fell to multi-month lows in October and November after U.S. refiners turned to more competitively priced supplies produced in the Americas.

In Asia, the December OSP for Basra Light crude rose by 35 cents to 10 cents a barrel above the average of Oman/Dubai quotes, while the OSP for Basra Heavy increased by 45 cents from the previous month.

These hikes, much smaller than the 65-cent increase seen for similar-quality Saudi Arab Medium, could support December spot trade, traders said, depending on the month’s export volume.

SOMO typically informs its customers how much they can lift in the month after announcing monthly prices.

For Europe, the December OSP for Basra Light rose by $0.25 to dated Brent minus $2.80 a barrel and the December Kirkuk OSP rose to minus $2.75 (2.10 pounds).

Reporting by Florence Tan; Editing by Joseph Radford

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